ASIC has commenced proceedings in the Federal Court against Provide Nominees Pty Ltd, trading as Provide Capital, seeking orders under s70 of the ASIC Act.
As part of an ongoing investigation, ASIC previously served a notice to produce documents on Provide Capital. ASIC alleges Provide Capital failed to produce documents as required by the notice without reasonable excuse.
Section 33 of the ASIC Act allows ASIC to require the production of documents from a person, including a company. If a person fails to comply with such a request, ASIC can certify non-compliance and seek orders form the Court compelling production in the event the Court is satisfied that there has been non-compliance by the person without reasonable excuse.